SIMPLY INTAXICATING

Black Money Saga - Episode 3

There have been two major developments since PM Modi announced demonetisation on Nov 8, 2016. Firstly, the Govt tabled the Taxation Laws Second Amendment Bill 2016 that brings along yet another income disclosure scheme in a form where high tax rates and penalty can be imposed to take away as much as 75 percent of declared undisclosed income. Secondly, there has been a sudden change in the discourse from fight against black money to cashless or less cash economy. To analyse the proposed tax amendments and the impact of sudden jolt given to the Indian society to move towards less cash economy, TIOL Tube’s Sr. Legal Editor, Mr. Sudipto Banerjee spoke to Mr M C Joshi, former Chairman, CBDT, Mr. Vipin Malik, Former Director, RBI and Dr. Sacchidananda Mukherjee, Associate Professor, NIPFP.

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